• Term Insurance With Return of Premium (TROP) Plan

     0.0 / 5.0   by 0 users
    Used this product? Write a review >>

    Fees & Charges

    Promised Interest Rate

    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    Responsiveness

    What is Term Insurance?

    Term insurance is the purest form of life insurance available in the markets. With a term insurance plan you get a sum assured to cover your life and the premiums are much much lesser than what you would end up paying for a ULIP or an endowment plan. With a term insurance plan, you can get your life assured for about Rs. 1 crore for a premium of just Rs. 7,000 (actual sum assured and premiums may differ from one insurer to another). A term insurance plan is also a good way to backup any other investments you may have made, in the sense that if those investments don’t pay out due to reasons like turbulent markets (especially in the case of ULIPs), a term insurance will pay the death benefits. It also affords the opportunity to leave behind a sizable amount of money for your family without having to pay through your nose for it thus making it very affordable.

    Term Insurance With Return of Premium

    How a term insurance plan works is that you pay a premium for the amount you chose as the sum assured. The premium may be paid throughout the duration of the policy, which can range from 5 years to 25 years depending on the insurance provider and the plan being offered. The time where the difference between a term insurance policy and a term insurance with return of premium (TROP) becomes apparent is when the policy matures. At the time of maturity the insurer will return the entire premium paid by the policyholder towards the policy.

    Survival Benefits

    Traditionally, term insurance plans dont offer any maturity benefits but with the TROP plans the survival benefit offered is the return of the premiums paid. Let’s look at an example. Let’s suppose that you are looking for a cover of Rs. 1 crore and find a TROP plan for which the premium is Rs. 7,100 per year. You take the plan for 10 years and the premium payment terms are regular pay. This means that over a period of 10 years you will spend Rs. 71,000 on the life insurance plan. How the TROP works is when the 10 years are over and you outlive the policy, the insurer will pay you a sum of Rs. 71,000 as the survival benefit.

    Top Term Insurance Plans With Return of Premium

    These are some of the term insurance plans that offer a return of premium on maturity.

    1. Max Life Premium Return Protection Plan

    2. ICICI Prudential LifeGuard

    3. Tata AIA Life Insurance iRaksha TROP

    4. MetLife Suraksha TROP

    Key Features of Term Life Insurance Plans With Return of Premiums

    These are some of the features that you can expect from a TROP. It should be remembered that while some of the features are dependent on the insurer's policies and can differ.

    Policy term

    The duration of a term insurance policy with return of premium can range from 5 years to 35 years.

    Entry Age

    The entry ages for these plans will depend on the maturity age and the policy term that is selected. The minimum age can be 18 years and may change depending on the insurer and the plan.

    Plan type

    These are pure protection plans.

    Age at maturity

    The age at maturity can be up to 75 years of age.

    Policy revival

    If a policy has lapsed due to non-payment of premiums it can be revived within 2 years from the last premium paid.

    Premiums

    The premiums for these policies can be paid in the following ways:

    • One time lump sum

    • Annually

    • Half yearly

    • Quarterly

    • Monthly

    Premium paying term

    These policies tend to be regular pay polices wherein the premiums need to be paid for the duration of the policy term. Some insurers even offer the option of a one-time payment of premiums.

    Nomination

    These policies do offer nomination facilities.

    Sum Assured

    There is no limit on the sum assured with a term insurance, though it can be subject to insurance underwriter’s approval or company policy.

    Policy coverage

     

    Free-look period

    The free look period for term insurance policies is 15 days from the day that the policy documents are received on.

    Grace period

    The grace period provided for the payment of the premium is 30 days from the due date. This period may be a bit shorter in case the premiums are being paid monthly.

    Benefits Offered by Term Life Insurance Plans with Survival Benefits

    • Death benefits: In the unfortunate event of the death of the life insured, the nominee will be paid the entire sum assured as the death benefit.

    • Tax benefits: The premiums paid for these policies can be submitted for tax benefits under section 80C of the IT Act.

    • Maturity benefits/survival benefits: Being a return of premium plan, the maturity benefit will be a return of 100% of the premiums paid.

    • Riders: These policies can be coupled with various riders offered by insurers like critical illness rider or accidental death riders.

    • Paid up value: If the premiums for the policy are not paid and the policy lapses without being revived, instead of ceasing the cover the insurers will reduce the death benefits to suit the premiums paid and continue life cover till the policy term expires.

    • With some insurers, if you choose to discontinue the policy, they will return the premiums paid minus a fee or a predefined amount.

    How to Choose The Best Life Insurance Plan With Return of Premium:

    Finding the right term insurance plan can be an easy task if you keep a few factors in mind. These are:

    • The cover amount should be sufficient to ensure your family’s financial future if something happens to you.

    • The premium that you have to pay should be affordable.

    • The claims settlement ratio of the insurer must be good.

    • In case you don't want to make a one-time payment, the plan should allow for annual, half-yearly, quarterly or monthly payments.

    Term Insurance Plan Return Premium FAQ’s

    1. Q. What is importance of term insurance policies?

      A.A typical term insurance policy will provide you with a total sum assured amount covering your entire life. Additionally, lower premiums involved in term plans are a great reason why people want to purchase them. In comparison with ULIP or an endowment plan, a term insurance policy is much more reliable as it essentially provides as a backbone for any another investment you may have made.

    2. Q.Term Insurance Policies: How They Operate?

      A.You begin by choosing a particular plan most suitable to your needs and the needs of your family members for which you go ahead and pay the entailed premiums. The policy’s total duration can range from 5 years to 30 years depending on the insurer and the policy that you have chosen. When a term insurance policy matures, the insurer thereby returns the premium amount contributed by the policyholder. In case you want a premium return upon maturity of the policy, you can conduct adequate research before investing, however, the below-mentioned term insurance policies offer return of premiums: Max Life Protection Plan - Offers Return of Premium TATA AIA Life Insurance ICICI Prudential TROP Offered by MetLife Suraksha There are multiple factors that one must keep in his/her consideration before buying a term insurance policy. Some of these factors include the claim settlement ratio of the insurer, the amount of money you are paying as premiums, if the policy has an option to pay the premiums monthly, quarterly, or annually, and so on.

    Term Insurance Plan With Return of Premium Reviews

  • Page 1 of 50 1 2 3 4 5
    • HDFC Life Life Insurance
      "Fair service"
      0.5 2.0/5 "Expected more"
      I've a health insurance policy with the HDFC life. I pay a premium of 8000 per year via an agent. I am not aware about the in depth features of the policy. So far the experience has been good with them. It is a recommendable insurance policy to have.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 14, 2018
    • Kotak Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance with Kotak Life from last 2 years and it is a long term policy. I am happy with the returns and tax benefits of this policy. I pay my premium once in 3 months and i am convenient with the payment options. The maturity period for this policy is 10 years.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 14, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a LIC policy from last 4 years and it is a long term policy. The tenure of this life insurance policy is 20 years. I pay my premium once in a year through direct payment and the payment options are convenient for me. I am happy with coverage and returns of this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 14, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 10 years and it is a long term policy. I am satisfied with the coverage and benefits of this policy. I pay my premium once in 3 months by cheque and i am convenient with the payment options. The maturity period for this policy is 15 years.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 14, 2018
    • ICICI Prudential Life Insurance
      "Value for money"
      0.5 4.0/5 "Great!"
      I am using ICICI prudential life insurance company from the last three to five years of time. I would like to say that the coverage value is an average one and the customer service is fine one too with the ICICI prudential life insurance company.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 14, 2018
    • LIC Life Insurance
      "Scope for improvement"
      0.5 3.0/5 "Satisfactory"
      I am having the life insurance policy with the Life Insurance Corporation of India. I would like to say that the customer service is not good one and the coverage value is not good too. There are no advantages with them.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 14, 2018
    • LIC Life Insurance
      "Best"
      0.5 4.5/5 "Excellent!"
      I have got the life insurance policy with the Life Insurance Corporation of India. I have not used their web portal as such. Coverage value is good one with the Life Insurance Corporation of India, also the premium value is better one with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 14, 2018
    • LIC Life Insurance
      "Good money back plan "
      0.5 5.0/5 "Blown Away!"
      I am having the Money back life insurance policy for the past 10 years. The customer support service and the response is good with the LIC. I pay the premium amount of Rs,5000 to this policy every year once. This policy has the tenure of 20years. I got the money back in 4 years once.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good child plan "
      0.5 5.0/5 "Blown Away!"
      I got the Jeevan Tharan life insurance policy around 3 years ago. The customer support service and the response is good with the LIC and this policy will get matured once my child turns to 18years. I pay the premium amount of Rs,15,000 to this policy in every once.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The Life insurance policy has been taken by me around 4 years ago. This policy has the tenure of 15years. The customer support service and the response is good with the LIC. I pay the premium amount of Rs,28,000 in every year once. i am satisfied having this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 3 years and it is a long term policy. I am happy with the returns and tax benefits of this policy. I pay my premium once in a year through online and the payment options are convenient for me. The maturity period for this policy is 20 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2018
    • Aegon Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I hold the AEGON LIFE term insurance policy around a year ago. The customer support service and the response is good with the AEGON LIFE and I get good plan benefits and the policy coverage with this policy and I am satisfied using this AEGON LIFE insurance policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have been using LIC since my childhood and it is a long term policy, the tenure for this life insurance policy is 15 years. I pay my premium once in a year by cheque and i am convenient with the payment options. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 13, 2018
    • Aviva Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      The AVIVA life insurance policy has been used by me for more than 3 years. This policy has the tenure of 20years. The customer support service and the response is good with the Aviva insurance. I pay the premium amount around Rs,10,000 in an year.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "BEST"
      0.5 5.0/5 "Blown Away!"
      MONEY BACK i have been using from the LIC. I have been using since 2009. It is a long term policy of 27 years. I pay for 6 months once for my insurance and through the cash and sometimes through the net banking. I have not taken any of the loans in my insurance.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Life Insurance Corporation of India and I have not interacted with them as much. Coverage value is fine one with the Life Insurance Corporation of India and I have not claimed as such.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2018
    • Kotak Life Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I am having the Life insurance policy with the KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE company. I got this policy around 14years ago. This policy has the tenure of 20years. I pay the premium amount of Rs,2500 every year once. The plan benefits and the coverage is good with this policy and i am satisfied using it .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Better Jeevan saaral policy"
      0.5 5.0/5 "Blown Away!"
      I pay the premium amount of Rs,12000 every year once to the Jeevan saaral policy . I hold this policy for the past 18years. The customer support service and the response is good with the LIC and this policy ha the tenure of 20 years. The plan benefits and the policy coverage is very good with this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good Jeevan anand policy"
      0.5 5.0/5 "Blown Away!"
      I got the LIC life insurance policy around 6years ago. The customer support service and the response is good with the LIC and this policy has good plan benefits and better policy coverage with this policy. I pay Rs,762 every 3 months once as premium amount. This policy has the tenure of 20years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • SBI Life Life Insurance
      "Better Policy"
      0.5 5.0/5 "Blown Away!"
      Total tenure of the policy is 20 years. It is a cashback policy. Every 5 years i will get 10%. Every 5 years they will give the cashback policy. Once in 5 years, my number will update in their system, i have to give a blank cheque. At the end of th term , I would get bonus points I guess.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 13, 2018
    Common Loader Icon
    Page 1 of 50 1 2 3 4 5
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.